Data source for Bloomberg Midcap Growth Index returns: Bloomberg.

GIPS Compliance and Verification Status. Spyglass Capital Management, LLC (Spyglass) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Spyglass has been independently verified solely for the periods October 1, 2015 to December 31, 2025. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Policies for valuing portfolios, calculating performance, GIPS Reports and a listing of composite descriptions are available upon request.

Firm Information. Spyglass is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.

Composite Description. The Mid-Cap Growth Composite contains all fee-paying, discretionary accounts that are managed according to Spyglass’s singular core strategy. The Mid-Cap Growth Strategy invests primarily in U.S exchange traded equity securities in the mid-capitalization classification ($2 billion – $12 billion) and seeks long-term capital appreciation while incurring a low risk of permanent capital loss. The strategy uses a concentrated and low turnover investment approach, and seeks to identify and invest in high-quality growth-oriented companies trading at discounts to Spyglass’s assessment of their intrinsic value. Spyglass has determined the most appropriate benchmark for the composite is the Russell Midcap Growth Index. The Mid-Cap Growth Composite was created in 2018; its inception date is October 1, 2015. From October 1, 2015 to December 29, 2017, the composite is composed solely of an equity partnership fund. Spyglass’ managing member and CIO served as portfolio manager for this fund. From December 29, 2017 to April 30, 2018, the composite is composed solely of the successor equity mutual fund subsequent to the tax-free exchange of the partnership fund to the equity mutual fund. Subsequent to April 30, 2018, the composite also comprehends all discretionary separately managed accounts resident for the entire period of presentation. The strategy and portfolio manager for the term of the composite were the same. For periods after May 1, 2018, the composite is composed of the mutual fund, its predecessor partnership and separate accounts. Currently, the assets in the mutual fund comprise a significant majority of the composite’s assets.

Fee Schedule. Spyglass’ proforma annual asset-based management fee schedule is 1%. Gross performance results do not reflect the deduction of Spyglass’ investment advisory fee which lowers a client’s total return. Gross of fees returns are calculated gross of management, fund administration, and custodial fees and net of transaction costs. Net of fees returns are calculated by deducting the monthly-equivalent amount of Spyglass’ highest applicable annual management fee of 1.00% (“Model Net Fee”), as described in the firm’s Form ADV, Part 2A from the monthly composite gross return.

Reference Index Disclosure. The Bloomberg Midcap Growth Index measures the performance of the mid-capitalization growth sector of the U.S. equity market. The index is market-value weighted. Index figures reflect the reinvestment of dividends. Index figures do not reflect deductions for any fees, expenses, or taxes. Investors cannot invest directly in an index. Spyglass has licensed the right to present the Bloomberg data.

Other. All returns presented in the table (including the Reference Index) include the reinvestment of dividends. Valuations are computed and performance is reported in U.S. dollars.

Disclosures Regarding Performance Calculations. The net performance results reflect the reinvestment of dividends and other earnings and the deduction of actual costs and expenses, a periodic management fee charged to the investor as defined in the offering materials. The Strategy’s performance results are based on the calculations prepared, in part, by independent fund administration organizations or published custody statements for separately managed accounts adjusted for management fees. Certain performance results themselves were prepared by Spyglass and have not been reviewed by any third party. Future investments will be made under different economic conditions and in different securities. The performance discussed herein reflects investment of limited funds for a limited period of time and does not reflect Spyglass’s performance in all different economic cycles. It should not be assumed that the Strategy will experience similar returns in the future, if any, comparable to those published in this or other materials prepared by Spyglass. The information given herein is historic and should not be taken as any indication of future performance. All returns presented in the table (including the reference index) include the reinvestment of dividends. Valuations are computed and performance is reported in U.S. dollars. Spyglass believes that the comparison of the Strategy’s performance to the Bloomberg Midcap Growth Index is currently the most appropriate benchmark. This may change over time. The Spyglass portfolios are more concentrated and are therefore not as diversified as the Bloomberg Midcap Growth Index. The Bloomberg Midcap Growth Index returns reflect the reinvestment of dividends as does the Strategy. Due to the differences between the Strategy and the composition of the aforementioned market index, the Bloomberg Midcap Growth Index published returns are not directly comparable to the returns generated by the Strategy. The performance is over a short time period and therefore does not reflect performance in different economic or market cycles. It is historic and should not be taken as any indication of future performance. Securities identified and described above may not be representative of the entire portfolio. It should not be assumed that recommendations in the future will be profitable or will equal the performance of the securities in this list. The information contained in this report is for informational purposes only and should not be deemed investment advice. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted. For performance data current to the most recent month end, please contact us.

Performance of the Bloomberg Midcap Growth Index is included for informational purposes to show the general trend in the midcap equity market for the periods indicated and is not intended to imply that the portfolio is similar to the index either in composition or element of risk. The volatility of an index may be materially different from the performance of the Strategy. The Bloomberg Midcap Growth Index is an unmanaged stock market index that measures the performance of its respective component companies. Investors cannot invest directly in an index. Index performance does not reflect trading commissions and costs. Due to these differences, comparison to an index should not be relied upon as an accurate measure of comparison.